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Wednesday, Dec 7, 2022
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Granada Hills Apartment Complexes Sell

Park Balboa and Balboa Palms, two Granada Hills apartment complexes at 16914 and 16950 Blackhawk Street, respectively, sold for more than $12 million. According to a statement Wednesday from Calabasas-based brokerage Marcus and Millichap, representing the seller along with Hooman Emanuel of KW Commercial in Studio City, the two complexes, comprising 44,721 square-feet and 57 units, sold at $211,404 per unit, or $269 a square foot. The sale is rare – only six other apartment properties with more than 20 units have sold in Granada Hills in the past 20 years, according to Rick Raymundo of Marcus and Millichap, who helped close the deal with Emanuel. Park Balboa has 29 units and Balboa Palms has 28. The properties transacted at a combined 4.53-percent capitalization rate and 12.52 gross rent multiplier based on current income. The buyer represented himself and preferred to remain confidential. “Having already completed all of the seismic retrofit repairs and fully stabilized both Blackhawk Street properties, the sellers were ready for their next project,” said Raymundo. “We succeeded in meeting a rushed timeframe, procuring a buyer willing to close escrow in 36 days without any contingencies.”

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